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MNB fines BTel for another disclosure shortfall

Competition

The National Bank of Hungary on Thursday said it had fined Business Telecom (BTel) HUF 3.5m for failing to comply with disclosure regulations. In its role as financial market regulator, the MNB ordered BTel to make an announcement immediately about a transaction involving its corporate bonds.

The MNB noted that BTel had failed to comply with disclosure rules several times earlier as well, however, BTel claimed that a loss of power that interrupted its service country-wide for 22 hours was the result of a late payment. The announcement came following the National Bank of Hungary ordering BTel to explain press reports on the service stoppage.

After the latest such failure, a week ago, the Budapest Stock Exchange's chief executive decided to remove BTel's shares from the bourse's main BUX and BUMIX index because of the shortfalls.

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